Pairs consolidating after strong dollar strengthening…

By IBT Staff Reporter On 12/15/09 AT 2:20 PM

So far, major pairs are narrow trading due to the current presence of technical movements after that the green Benjamin gained considerable momentum throughout the currencies market and reached a two-month high against the euro as today's data posted from the world's superpower showed a better-than-forecasted incline of the industrial production, while that the Federal Reserve began with its two-day meeting and is forecasted to raise its interest rate by June.

Consequently, the euro-dollar pair is presently consolidated and forecasted to climb to the upside according to the one-hour and four-hour stochastic oscillator, having the Union currency so far trading at 1.4521 recording a high of 1.4662 and a low of 1.4500 with a resistance at 1.4630 and a support at 1.4361.

Moreover, the pound-dollar is narrow trading as well due to technical movements, having the pound so far trading around 1.6249 recording a high of 1.6318 and a low of 1.6203 with a resistance at 1.6357 and a support at 1.6141, knowing that the pair shows a tendency to rise according to the one-hour momentum indicators.

As for the dollar-yen pair, it is narrow trading presently between a strong resistance level witnessed around 91.12 and a support level detected at 88.82, having the low-yielding Japanese yen trading so far around 89.84 recording a high of 91.12 and a low of 88.82.